exchange rate questions!!!

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britishgirl

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Aug 28, 2004
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undefined I undefined i was wonerin if ny1 could tell me the dominican exchange rate for pounds sterling to us dollars. i am not talking small money, i mean like for buying a property. Could ny1 tell me the exchange rate please?Gracias.

Naomi xxx :classic: :classic: :classic:
 
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Lechero

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Aug 11, 2004
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It does not matter if you are changing $25GBP or $250,000GBP to $RD Pesos.
You MUST change pounds to $USD first @ a bank.
You are best changing GBP to USD in New York or London, not in The Dominican Republic. The Peso transaction must occur in RD.
It is 2 transactions.
Every banker will tell you this.
Right now the SPOT institutional rate for a GBP/USD swap is 1.7883 - 1.7887.
Speak to a UK banker and speak to 2 Dominican banks.
Banco Santa Cruz in Santiago and Scotia Bank are both good places to start.
Do not be afraid to shop rates between banks.
It is a very competitive market.

lechero
 
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britishgirl

New member
Aug 28, 2004
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Lechero said:
It does not matter if you are changing $25GBP or $250,000GBP to $RD Pesos.
You MUST change pounds to $USD first @ a bank.
You are best changing GBP to USD in New York or London, not in The Dominican Republic. The Peso transaction must occur in RD.
It is 2 transactions.
Every banker will tell you this.
Right now the SPOT institutional rate for a GBP/USD swap is 1.7883 - 1.7887.
Speak to a UK banker and speak to 2 Dominican banks.
Banco Santa Cruz in Santiago and Scotia Bank are both good places to start.
Do not be afraid to shop rates between banks.
It is a very competitive market.

lechero
Click to expand...

gracias lechero
 
B

BushBaby

Silver
Jan 1, 2002
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Lechero said:
It does not matter if you are changing $25GBP or $250,000GBP to $RD Pesos.
You MUST change pounds to $USD first @ a bank.
You are best changing GBP to USD in New York or London, not in The Dominican Republic. The Peso transaction must occur in RD.
It is 2 transactions.
Every banker will tell you this.
Right now the SPOT institutional rate for a GBP/USD swap is 1.7883 - 1.7887.
Speak to a UK banker and speak to 2 Dominican banks.
Banco Santa Cruz in Santiago and Scotia Bank are both good places to start.
Do not be afraid to shop rates between banks.
It is a very competitive market.

lechero
Click to expand...

Sorry Lechero, I disagree with you. It IS possible to change ? Sterling directly to RD Pesos, just not normally adviseable as you get a better rate by changing to U$D in Britain & then changing into RD $ when here. Further, most property transactions are these days contracted in U$D, so Naomi's Father would be best advised to bring those to use (Travellers cheques advised if you are not going to be using them for a while!!).

Better still would be for Naomi's Father to leave the money in his own bank in the UK (Cardiff as I recall Naomi) & then get it transferred over here when a suitable property is found ........... NOT UNTILL!! - Grahame.
 
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Lechero

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What are you talking about?
Now I see we actually agree with one another....imagine that!
I agree..........Her Dad should WIRE US DOLLARS when she is ready.
It is POSSIBLE to swap GBP directly into RD Pesos, it is not ADVISABLE.
You will lose money because of the unfavorable SWAP rate between RD Pesos and GBP.

1GBP = 1.7862 USD
1USD = 37.50 RDP
1GBP = 64.47 RDP (in DR)
1GBP = 66.98 RDP (when swapped GBP > USD First in UK/USA)

That is a discount of at least 6% being lost.
That is $60 USD lost/$1000 of principle.
On several hundred thousand even better rates are given on both sides.
 
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Guatiao

El Leon de los Cacicazgos
Mar 27, 2004
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I Have a Question?

I regularly visit the Hoy Website to view the exchange rates, now my question is the peso compared to the Yen japon?s is 0.3281, does this mean that the DR peso is more valuable internationally than the Yen?
I really don't fully understand international currency values and what that says about a country. I just know the basics.
Also how is it calculated how it is worth each day, by the countrys stocks? How is it affected? By gas prices, etc.
 
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ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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capodominicano said:
is the peso compared to the Yen japon?s is 0.3281, does this mean that the DR peso is more valuable internationally than the Yen?
Click to expand...

It doesn't mean that. The price of the yen can be represented as so many Yen to the US$, and there are also so many (different # of course) pesos to the US$ as well (e.g. about 37 right now) , and if you know both those amounts you can figure out one to the other. (Yen to Pesos).

There is really no material if any international currency market that includes the DR peso. Whereas the Japanese Yen is one of the most important currencies in the world.

It is just the numbers and the fact that ONE Yen is worth less than ONE peso means nothing in terms of value. For example a Japanese employee might make 100 times per year what a Dominican makes, if you use US$ as a common amount. So would you rather have a whole lot of small yen or a lot fewer big pesos? When it comes to buying a TV set you will find out the smaller Yen are better to have in big amounts.
 
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Sandeep

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Jan 8, 2003
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Normally you would only pay a deposit locally, the rest should be paid to your lawyer's ESCROW account directly from the UK. More often than not, you will find that the lawyers here used US banks to hold money in to ensure that there are no delays. Once everything is checked out by the lawyer (property taxes up to date, title ownership, utility bills up to date etc.) and you have signed agreements, the lawyer will pass the money on to the owner. Depends where you're buying and what price range. Most ex-pat community housing is transacted in $USD.

Your best option would be to shop in the UK, rather than looking for a Dominican $USD / ?STG exchange rate. I used Barclays last time and for large amount they go to the trading floor.
 
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liam1

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Jun 9, 2004
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capodominicano said:
Also how is it calculated how it is worth each day, by the countrys stocks? How is it affected? By gas prices, etc.
Click to expand...

it has to do with the price of gold, crude oil, interest rates, inflation. non-farm payrolls... all around shape of the economy and political situation.
 
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Eddy

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Jan 1, 2002
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Better still would be for Naomi's Father to leave the money in his own bank in the UK (Cardiff as I recall Naomi) & then get it transferred over here when a suitable property is found ........... NOT UNTILL!! - Grahame.[/QUOTE said:
Unless the seller requests his $$ in pesos (I can't even think why someone would) take Grahame's and Sandeep's advice. It will be a lot faster and easier to tranfer it to the lawyer's US Escrow account who will then transfer it to the sellers account, probably in the US also. No bank paper trails in the DR.
Click to expand...
 
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animefan

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Jan 14, 2006
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where can a person go...

:ermm: where can a person go to transfer the uk pounds to USD? :ermm:

i would like some names of banks that do this service and phone numbers if possible thanks
 
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rellosk

Silver
Mar 18, 2002
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animefan said:
:ermm: where can a person go to transfer the uk pounds to USD? :ermm:

i would like some names of banks that do this service and phone numbers if possible thanks
Click to expand...
Assuming you are in the UK, why not just ask your local bank if they exchange currency. If they don't, they should be able to tell you where to have it done.
 
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